Red Mountain Project - Alaska, USA
The Red Mountain Project represents a district-scale polymetallic opportunity with significant upside potential. The combination of high-grade mineralization, favorable jurisdiction and importantly State managed lands makes it an ideal candidate for development.
The Red Mountain Project is Silver47's flagship asset, strategically located in Alaska, 100 kilometers south of Fairbanks. This project offers a unique opportunity to explore and develop high-grade silver, copper, and gold resources in a premier mining jurisdiction.
Location
Red Mountain is situated on Alaska state-managed lands, free from Bureau of Land Management (BLM) or indigenous claims, covering approximately 620 square kilometers of highly prospective stratigraphy with highways, railway, and power within 30-80km.
Ownership
Silver47 wholly owns 942 mineral claims and one mining lease, providing extensive exploration opportunities over a 60km trend in a mining-friendly region near infrastructure.
- Alaska is host to several world class deposits and mines
Highlights
Inferred Mineral Resource Estimate
- Combined open-pit and underground Inferred Mineral Resource Estimate of 15.6 million tonnes at 335.7 g/t AgEq*, containing:168.6 million ounces of Silver Equivalent (AgEq*)
- Equivalent to 1 million tonnes of Zinc (ZnEq*) at 7%
Significant Exploration Potential
- Exploration target of 50-75 million tonnes at 300-400 g/t AgEq*, equivalent to 500-900 million ounces of AgEq*
- Over 5,000 permitted drill sites with multiple untested geochemical and geophysical anomalies, indicating a high potential for new discoveries
The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource beyond the stated resource in the January 2024 inferred estimate* above and it is uncertain if further exploration will result in the estimation of an increase in Mineral Resource. The potential quantity and grade has been determined from drill hole density analysis and the linear, consistent nature of VMS deposits
Strategic Location
- Located within 30-80 kilometers of highways, railways, and power, ensuring logistical efficiency and reduced development costs
- Located amongst numerous multi million ounces VMS and SEDEX deposits
NI 43-101 Mineral Resource Estimate
| Combined Open-Pit and Underground Inferred Mineral Resource Estimate | |||||||||||||||
| Mineral Resource Area |
Rock Mt |
Zn Eq kt | Zn Eq % | AgEq Moz |
AgEq g/t |
Zn kt | Zn % | Pb kt |
Pb % |
Cu kt |
Cu % |
Ag Moz |
Ag g/t |
Au Koz |
Au g/t |
| Dry Creek | 11.6 | 676 | 5.84 | 104.0 | 279.4 | 346 | 2.99 | 130 | 1.13 | 23 | 0.20 | 17.5 | 47 | 128 | 0.34 |
| West Tundra Flats | 4.0 | 420 | 10.39 | 64.6 | 496.9 | 186 | 4.60 | 86 | 2.13 | 3 | 0.08 | 18.4 | 141.2 | 86 | 0.66 |
| Global | 15.6 | 1,097 | 7.02 | 168.6 | 335.7 | 532 | 3.41 | 216 | 1.39 | 26 | 0.17 | 35.9 | 71.4 | 214 | 0.43 |
Note:
1. The 2024 Red Mountain MRE was estimated and classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 29, 2019, and the CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10, 2014.
2. Mr. Warren Black, M.Sc., P.Geo. of APEX Geoscience Ltd., a QP as defined by NI 43-101, is responsible for completing the 2024 Mineral Resource Estimate, effective January 12, 2024.
3. Mineral resources that are not mineral reserves have not demonstrated economic viability. No mineral reserves have been calculated for Red Mountain. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future.
4. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market, or other relevant factors.
5. The quantity and grade of reported Inferred Resources is uncertain, and there has not been sufficient work to define the Inferred Mineral Resource as an Indicated or Measured Mineral Resource. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
6. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Reported grades are undiluted.
7. A standard density of 2.94 g/cm³ is assumed for mineralized material and waste rock. Overburden density is set at 1.8 g/cm³. For mineralized material blocks with iron assays close enough to estimate an iron value for the block, density is calculated using the formula: density (g/cm³) = 0.0553 * Fe (%) + 2.5426.
8. Metal prices are US$2,750/tonne Zn, US$2,100/tonne Pb, US$8,880/tonne Cu, US$1,850/oz Au, and US$23/oz Ag.
9. Recoveries are 90% Zn, 75% Pb, 70% Cu, 70% Ag, and 80% Au.
10. ZnEQ (%) = [Zn (%) x 1] + [Pb (%) x 0.6364] + [Cu (%) x 2.4889] + [Ag (ppm) x 0.0209] + [Au (ppm) x 0.1923]
11. AgEQ (ppm) = [Zn (%) x 47.81] + [Pb (%) x 30.43] + [Cu (%) x 119] + [Ag (ppm) x 1] + [Au (ppm) x 91.93]
12. Open-pit resource economic assumptions are US$3/tonne for mining mineralized and waste material, US$19/tonne for processing, and 48° pit slopes.
13. Underground resource economic assumptions are US$50/tonne for mining mineralized and waste material and US$19/tonne for processing.
14. Open-pit resources comprise blocks constrained by the pit shell resulting from the pseudoflow optimization using the open-pit economic assumptions.
15. Underground resources comprise blocks below the open-pit shell that form minable shapes. They must be contained in domains of a minimum width of 1.5 m at Dry Creek or 3 m height at West Tundra Flats. Resources not meeting these size criteria are included if, once diluted to the required size, maintain a grade above the cutoff.
Exploration and Development Strategy
Silver47 is focused on exploration to expand the current resource base and uncover new high-grade zones. The strategy includes:
Rapid Resource Growth
Focused on the Dry Creek and West Tundra Flats (WTF) zones.
Targeting New Discoveries
Drilling to identify new silver-copper-gold mineralization.
Advancing Towards Development
Fast-tracking the project to a development milestone and potential mine build.
Historical Exploration
The project area has a rich history of mineral exploration, with the first sulphide outcrop discovered in 1975. Ongoing exploration efforts continue to reveal the potential for further resource expansion, particularly in the Dry Creek and WTF zones.
Drilling Highlights
Dry Creek Zone
- DC18-79: 6.0m @ 409 g/t Ag, 5.38 g/t Au, 1.21% Cu, 23.3% Zn+Pb (2,155 g/t AgEq*)
- DC18-77: 5.0m @ 1,213 g/t Ag, 1.87 g/t Au, 0.4% Cu, 6.0% Zn+Pb (1,719 g/t AgEq*)
West Tundra Flats Zone
Multiple high-grade drill intercepts including WTF82-08: 7.3m @ 334.8 g/t Ag, 0.54 g/t Au, 0.07% Cu, 5.42% Pb+Zn (619 g/t AgEq*)
- Equivalencies are calculated using ratios with metal prices of US$2,750/tonne Zn, US$2,100/tonne Pb, US$8,880/tonne Cu, US$1,850/oz Au, and US$23/oz Ag and recoveries of 90% Zn, 75% Pb, 70% Cu, 70% Ag, and 80% Au.
- AgEq* (g/t) = [Zn (%) x 47.81] + [Pb (%) x 30.43] + [Cu (%) x 119] + [Ag (g/t) x 1] + [Au (g/t) x 91.93]
GALLERY
DryCreek
Horseshoe Prospect
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